September 29, 2008 at 12:03 am
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"To provide authority for the Federal Government to purchase certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes."
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This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is important to note, however, that prior to the growth of subprime lending in the 1990s, U.S. mortgage markets already reached low and moderate-income households without taking large risks or suffering large losses. In contrast, in most emerging markets, mortgage finance is a luxury good, restricted to upper income households. As policy makers in emerging market seek to move lenders down market, they should adopt policies that include a variety of financing methods and should allow for rental or purchase as a function of the financial capacity of the household.
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Consumerism arises when patients acquire and use medical information from sources apart from their physicians, such as the Internet and direct-to-patient advertising. Consumerism has been hailed as a means of improving quality. This need not be the result. Consumerist patients place additional demands on their doctors' time, thus imposing a negative externality on other patients. Our theoretical model has the physician treat both consumerist and ordinary patient under a binding time budget. Relative to a world in which consumerism does not exist, consumerism is never Pareto improving, and in some cases harms both consumerist and ordinary patients. Data from a large national survey of physicians shows that high levels of consumerism are associated with lower perceived quality. Three different measures of quality were employed. The analysis uses instrumental variables to control for the endogeneity of consumerism. A control function approach is employed…
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The crowd. The spectacle. The pall of blue smoke and roasted clutch discs. In all motorsport, no event captures the universal human need to whale on old crapcans and hoover down greasy barbecue like the 24 Hours of LeMons. Each LeMons race is for cars purchased, fixed up, and track-prepped for a total of 500 dollars or less. But before reaching the grid, you'll have to survive trials like the Personal-Injury-Lawyer Anti-Slalom, the Marxist-Valet Parking Challenge, and the Wide Open Throttle Rodthrowapalooza. Twelve hours into the race, the car voted People’s Choice is called in and awarded a cash prize; simultaneously, the car voted People’s Curse is called in and summarily destroyed. At the end of 24 hours, a gala awards ceremony plies the survivors with trophies, plaques, and four-figure purses in canvas bags full of nickels. What's not to like?
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